Brunswick Is Sailing Against Headwinds, Analyst Sees Weak Outlook
Portfolio Pulse from Lekha Gupta
Raymond James analyst Joseph Altobello downgraded Brunswick Corp (NYSE:BC) to Market Perform from Outperform, citing a steady decline in U.S. new powerboat sales post-COVID due to inventory shortages, affordability, and macroeconomic uncertainty. He removed the $79 price target, expects a mid-single-digit headwind for BC's Boat segment in 2024, and projects adjusted EPS of $9.00 for 2023 and $8.75 for 2024. BC shares dropped 1.03% to $89.07.
January 04, 2024 | 7:00 pm
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NEGATIVE IMPACT
Brunswick Corp downgraded by Raymond James to Market Perform with no set price target. Analyst anticipates industry headwinds and projects steady EPS for 2023 and a slight decrease in 2024.
The downgrade by Raymond James reflects a negative outlook on Brunswick Corp's future performance, particularly in its Boat segment. The removal of the price target and the anticipation of industry headwinds suggest that the analyst sees limited upside potential for BC's stock in the short term. This, combined with the recent 1.03% drop in share price, indicates a bearish sentiment that could influence the stock's performance negatively in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100